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7 Things Wanna-be Entrepreneurs Need to Know

What do entrepreneurs need to know as they get started? Of course there’s need to know, absolutely; and there’s ought to know. I was asked to come up with a list, and here is my best guess.

Know the difference between cash and profits. You Think in Profits, but You Live on Cash. Things like sales on credit, inventory, and waiting to get paid can make a huge difference. Profits are accounting. It takes cash to pay bills.

Know that business owners have legal constraints related to dealing with employees, employees vs. contractors, copyright and intellectual property, and dealing with tax authorities and investors. You can’t just say “I don’t know” later on. You are supposed to know.